Korean funeral services company lost $33 million of its customers' money over a bad crypto bet — firm was secretly investing client funds into leveraged crypto ETFs

Tom's Hardware· Hassam Nasir

3h ago

·~1 min·5/21/2026·en·0

Quick Take

Korean funeral service Bumo Sarang lost $33 million by misusing client funds for risky crypto investments.

Key Points

Invested $40 million of client money into leveraged crypto ETFs.
Funds were intended for prepaid funeral services.
Similar practices are common in nearly half the industry.

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Technical impact

30%

33

Business impact20%50

Novelty (recency)10%99

≥75 high · 50–74 medium · <50 low

Why Featured

This incident highlights the risks of mismanagement in financial practices, signaling developers and PMs to prioritize transparency and security in fintech applications to protect user funds.